Governor of the Bank of Ghana (BoG), Dr. Johnson Asiama, has clarified that the central bank’s recent foreign exchange interventions are not being financed by its international reserves. Instead, he said they are backed by sustainable inflows, particularly earnings from the Bank’s GoldBod initiative.

Speaking at the Graphic Business/Stanbic Bank Breakfast Meeting, Dr. Asiama addressed concerns following recent International Monetary Fund (IMF) data, which reported $1.4 billion in interventions during the first quarter of 2025. He emphasized that these interventions are strategically supported by revenues previously channeled through commercial banks, but now redirected to the central bank under the GoldBod programme.

“Many people don’t understand what we do. We are not using our reserves to support the market. The GoldBod arrangement allows export revenues from gold, which used to go to commercial banks, to now accrue directly to the Central Bank. So it makes sense for us to support the market with those flows. Where is the sin in that?” Dr. Asiama said.

The Governor called for greater reliance on official data from the central bank when evaluating the sustainability of the cedi’s performance, warning against the influence of speculative black-market rates that often contradict the Bank’s macroeconomic indicators.

“My point is this: look at the data. Study the external sector performance and examine our projections. That’s how to determine whether our interventions are sustainable,” he stated.

Dr. Asiama reaffirmed the Bank of Ghana’s commitment to maintaining stability in the foreign exchange market, urging the public and market watchers to base their assessments on credible economic data and not on sentiment-driven market trends.